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Asia is waking up to two ugly data points out of its biggest exporters.South Korea’s industrial output climbed by just 0.8 per cent month-over-month in September. This was below the 1.1 per cent increase expected by economists, reports Dow Jones.
Japan’s manufacturing PMI fell to 46.9 from 48.0 a month ago. This is an 18-month low.
A reading below 50 signals contraction, which means the contraction is accelerating.
Here’s a long look at Japan’s PMI:
These are unwelcome developments as the rest of the global economy grasps unto whatever green shoots it can find.
Bank of America Merrill Lynch cranked up its China GDP forecasts yesterday thanks to “across-the-board green shoots.”
The bullish Asian story just became less clear.
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